Rhode Island Ranks 16th in the New Economy Index

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Sunday, November 21, 2010

GoLocalProv Business Team

As the country and Rhode Island move through the recession, which states are taking the most proactive steps to develop new jobs, business models, and industries? According to the New Economy Index, the knowledge-based economy that RI is developing has earned the national rank of 16.

RI was also named a “top mover” for inventor patents, one of the category’s sub-indexes, after moving up eight places in three years. Though, Rhode Island performed best in the sub-index of the digital economy ranking second behind Massachusetts.

The study, conducted by the Ewing Marion Kauffman Foundation and the Information Technology and Innovation Foundation, ranked states by how they are faring in efforts to be competitive in the global, entrepreneurial, innovation- and knowledge-based new economy.

The State New Economy Index used 26 indicators to assess states’ fundamental capacity to successfully navigate the shocks of economic change. This 2010 Index builds on four earlier Indexes, published in 1999, 2002, 2007 and 2008.

The top five states overall were Massachusetts, Washington, Maryland, New Jersey, and Connecticut according to report. The Northeast performed best in for a new economy thus far.

You can view the full report here.